Over the past year the number of attacks and the occurrence of frauds over the internet have greatly increased for up to 153 million of euros. E-retailers need to make sure that their data is secure by establishing practices that minimize risk. This is especially important for eCommerce sites where highly sensitive customer data like email, credit card details and physical address is collected. Discover in this article how to prevent online fraud with a next generation anti-fraud technology, and why traditional fraud filters could reduce your potential earnings.
Traditional fraud filters could reduce your potential earningsTraditional #fraud filters could reduce your potential earnings Click To Tweet
A cyber-crime wave is engulfing eCommerce sites, costing billions of euros and calling for urgent counter measures. Last week, we wrote an article on 8 tips to prevent eCommerce fraud. with the most reliable eCommerce fraud prevention tips that prevent risky transactions and secure online merchants against revenue losses.
As these tips are just the beginning to prevent fraud, I am going to present you today advanced tools for an effective fraud prevention. Fraud filters are traditionally the first line of defense against unauthorized transactions committed by criminal fraudsters. This is a basic protection that all merchants should use (there are a variety of fraud filter service providers on the market today).
However, there is one thing merchants should know: fraud filters come with a high rate of false positive results (LexisNexis reports a false positive rate of 25%). That means, the filter identifies a transaction as a high risk for fraud and suggest you terminate/cancel the order to be safe. This does reduce the risk of fraud, but can severely limit earning potential. So what you can do to prevent fraud without reducing your potential earnings?
Next generation anti-fraud technology for eCommerce sitesNext generation anti #fraud technology for #eCommerce sites Click To Tweet
With our next generation anti-fraud technology, combining machine learning and big data, you will be able to identify new fraud techniques with no false positive. This has no impact on the performance, customer experience or availability of your website.
Without impacting the sales process (asynchronous mode), OZON’s anti-fraud module allows you to automatically transfer the content of an order to our API to evaluate each business transaction risk level. In less than 150ms, the business transaction risk level is evaluated and sent back to your back office.
OZON’s anti-fraud engine evaluates automatically each incoming orders regarding technical controls (terminal identity, geolocation, IP address, email address…) and consistency checks (user behavior, order content…).
This module includes the following features:
- More than 40 different parameters are used to detect suspicious order,
- Automation of sophisticated technical controls (geolocation, terminal identity, email address, …) and consistency checks,
- Scoring of transactions performed from mobile terminals,
- Within PrestaShop dashboard, a risk score :
- is associated with each order,
- specify the suspicious elements of the order,
- can make a decision on delivery or non-delivery of a product.
- No payment data used in the calculation of the risk fraud score,
- No confidential data like customer login, addresses or order content stored in OZON’s platform.
All incoming orders from your eCommerce site are automatically evaluated with a transaction scoring displayed in your back-office. A high score stands for a high fraud risk level. OZON’s scoring method is complementary to third party verification of payment data.
We already have developed two anti-fraud module for Magento & PrestaShop. These two modules are totally free and can be installed in a minute. For more information: